As for the market I hear lots of denial from colleagues but challenge any of them to show me a listing up here they sold in the last month that they couldnt have gotten at least 10% more in Spring. Here’s a good example. These two are 5 houses apart on the same side of the same street
This house listed early March and closed early April with multiple offers for $1.955M. Its mostly original condition and in need of a full makeover. Its the Plan 3 in its tract but its a very wonky floorplan that has always struggled to resell (note: Ive listed a few of these over the years). It backs to open space but the further you get to this end the more road noise you get and its a substandard size lot for the canyon lots. its also been a rental the last several years.
This house is listed now. They started at $1.699M went into escrow after a couple weeks and fell out. Its at $1.629M now. Its in mostly original condition but does have some a bit more updating. Its the Plan 2 in its tract which while slightly less sq ft uses the space much better and has always sold very quickly. It backs to open space but its further from the road noise and its has a better yard size in back. Its never been a rental
It would be an understatement to say I know these homes well and how they have sold over the years. I could make a strong case that the one on the market would sell for more head to head but lets throw that out. Someone could make the case the other is bigger however there is no case that the one that sold in Spring could sell for more. Lets call them equal and say it sell for full asking (both a stretch IMO).
$1.955 – $1.629/$1.955 = 16.7% decline under the the most favorable of situations right here right now.
Oh and there is this one that sold the same time as #1. Its in the middle of the two houses. Same model as #2 with good but not great updating and pool that consumes most of the yard. It sold for $2.15M
